If CFPB Needs a Commission, Why Shouldn't the OCC?

WASHINGTON — Sen. Mike Crapo's surprise suggestion that the Office of the Comptroller of the Currency should be restructured and headed by a commission — rather than a single director — has sparked a fierce debate among industry observers.

In a recent interview with American Banker, the Idaho Republican and GOP leader of the Senate Banking Committee unexpectedly voiced support for the OCC change while also promoting a similar switch to the structure of the Consumer Financial Protection Bureau.